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Does your business plan have a marketing component?

When creating a business plan, it's imperative that you focus on all the most important details. This includes a marketing strategy that will help you get your message out to your target audience.

Your marketing strategy must suit your company, so don't copy what your competitors are doing. Stick with the things that you are most comfortable doing, all with an eye toward reaching your goals.

Here are some of the many sections to include in the marketing portion of your business plan:

  • Target market. Who are you trying to sell your products and/or services to?
  • Competitive advantage. What makes your company better than the competition?
  • Sales plan. What steps will you take to boost sales and reach your goals?
  • Marketing-related goals. Have you taken the time to set both short- and long-term goals related to your marketing plan?
  • Plan of action. Do you know which steps to take, as well as when to take them, in order to reach your goals?
  • Budget. How much money can you comfortably spend on your marketing plan every month?

These are the types of things to think about when creating a business plan with a focus on marketing. With these details guiding you, you'll end up with a marketing strategy that suits your every want and need.

It's not always easy to create a marketing strategy that works, so don't hesitate to make changes as necessary. You may find that you need to adjust your marketing plan every now and again, as to ensure that you're always on the right track.

Source: SBA, "Marketing and sales," accessed Oct. 04, 2017

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